Small Business Tax Tips

- Keeping good tax records and being organised is one of the best ways to ensure that you do not miss on claiming any expenses that have occurred during the year. The best advice is to invest in the best bookkeeping program you can afford and to have sound bookkeeping procedures. You should seek a professional bookkeeping advice from a qualified CPA accountant.

- Due date for tax returns lodgement is normally 31 Oct unless you use the services of a registered tax agent in which case your due date for lodgment is 15 May the following year. In some cases where your tax situation is more complex and you need more time to lodge you should consider to use services of a registered tax agent.

- Any assets under $20,000 can purchased after 12 May 2015 and 30 June 2017 can be claimed in the same year.

- Donations to registered charities over $2 are normally tax deductible however purchasing charities lotteries, raffle tickets or postcards is not tax deductible. No deduction for donations can be claimed if your business has tax losses.

- If you are selling a business real estate asset please note that Capital Gains will be calculated on the date when the contract for sale has been signed e.g. if a sales contract signed before 30 June 2014 you will need to report Capital Gains in the 2014 tax return and if after 1 July 2014 Capital Gains will be reported in 2015 tax return.

- Have a tax planning session with your CPA accountant before the year end in May or June each year.

- Consider making superannuation contribution before the year end.

- Consider pre-paying some of the expenses such as rent, interest or subscriptions.